Quels objectifs pour un Bretton Woods II ?

NEW-YORK – Nous sommes quelques-uns à dire depuis longtemps que le système financier international doit être remanié en profondeur, aussi accueillons-nous avec satisfaction l'appel à un Bretton Woods II. Il est vrai que des propositions analogues ont été faites après la crise asiatique et la crise russe en 1997 et 1998, mais les pays industriels ne les ont pas prises au sérieux. Mais maintenant que ce sont ces pays qui sont dans l'œil du cyclone, ils vont considérer les choses autrement. 

Réformer soulève deux problèmes fondamentaux. En premier lieu, le contenu fait défaut : on ne sait pas trop sur quoi porteraient les discussions d'un éventuel Bretton Woods II. En deuxième lieu, le processus a mal démarré, car la plupart des pays en sont exclus. Il est évident que le G7 ou un sous-groupe du G7 peut être satisfait de son pouvoir de décision, mais aucune réforme fondamentale ne peut réussir sans un processus inclusif qui donne une place suffisante tout à la fois aux pays industriels et aux pays en développement, aux petits pays et aux grands pays. Ce sont des institutions internationales – et non des groupes ad hoc de pays – qui doivent jouer un rôle central.

Le problème immédiat est de remédier au déficit de réglementation des marchés financiers mondiaux. Les discussions doivent démarrer par une entente sur les principes sur lesquels fonder une réglementation, celle-ci devant être globale, de manière à éviter les graves insuffisances qui ont conduit à la situation actuelle.

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